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Nov 21, 2012
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he shared that with steve cohen good there is nothing in these charging documents that said steve cohen knew it was illegal information. >> i think i disagree with the way you are reading the indictment. charles: they did not indict steve cohen, though. >> they might as well have. it is made clear by the fbi investigator in order to make the $276 million in trade, it was steve cohen you have to pull the trigger. mark, who received the information had to convincecohen . how do you suppose he did it? i imagine by telling steve cohen it was good information. charlie: here is one thing we should point out how the capital works. i am not trying to be a defense attorney here for steve going. i am merely trying to play devil's advocate. they both run money. in running their money, you know, including this guy, they go out and make bets in a shared their best bets with steve cohen. now, just because he obtained that information illegally and suppose he does not tell steve cohen that he obtained it illegally. isn't that possible? >> no. according to the indictment there was a 20 minute phone cal
he shared that with steve cohen good there is nothing in these charging documents that said steve cohen knew it was illegal information. >> i think i disagree with the way you are reading the indictment. charles: they did not indict steve cohen, though. >> they might as well have. it is made clear by the fbi investigator in order to make the $276 million in trade, it was steve cohen you have to pull the trigger. mark, who received the information had to convincecohen . how do you...
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Nov 23, 2012
11/12
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no charges filed yet against steve cohen or as ac. seven managers or executives, i guess, have been charged with insider investigating. they are looking at him and his firm very closely. the fox business network, about a year ago, i think it was february, the first to report that steve cohen home phone was bugged. sometime around 2007-2008. they had a court order. they have probable cause to get that. the point is, they have been looking at this guy for a long time. they still have not got him. they think something is wrong there. dagen: organized crime. right. charlie: when the fox business network was first to report all of this, he recommended that we show in organized, a chart like in organized crime chart that describes how it works. he believed, based on his information, that the feds really believed this was an organization that commits crimes. obviously, not murder and extortion. they got really annoyed at that. they went nuts on that chart. we can tell you right here, guys, you may not like it, but the feds do have a chart of
no charges filed yet against steve cohen or as ac. seven managers or executives, i guess, have been charged with insider investigating. they are looking at him and his firm very closely. the fox business network, about a year ago, i think it was february, the first to report that steve cohen home phone was bugged. sometime around 2007-2008. they had a court order. they have probable cause to get that. the point is, they have been looking at this guy for a long time. they still have not got him....
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Nov 23, 2012
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cohen is at the top of all these lines coming down so they have their eyes on steve cohen. they want to charge him. this is the fbi so potentially criminal charges and the sec looking as well. cheryl: i am sorry. charlie: they think he runs a company that is like organized crime family. we should back out they don't kill people at sec capital. if they do anything wrong, it is insider-trading. a victimless crime but you go to jail for ten years and more for doing it. the latest sec capital sources of associate to be nabbed in this insider-trading, reno he traded a drugmaking stock and shared his steps or his knowledge with steve cohen. we know that from the complaint, gentleman described as the fund a loner or portfolio manager. it is a long road from sharing those tips proving he knows those were insider-trading and one of the problems with this case, this is why i think -- a lot of people think -- he has evidence against steve homan. he hasn't slipped yet, you get charged when you ignore the -- when the fed say we want you to flipping you don't you get charged. here is the
cohen is at the top of all these lines coming down so they have their eyes on steve cohen. they want to charge him. this is the fbi so potentially criminal charges and the sec looking as well. cheryl: i am sorry. charlie: they think he runs a company that is like organized crime family. we should back out they don't kill people at sec capital. if they do anything wrong, it is insider-trading. a victimless crime but you go to jail for ten years and more for doing it. the latest sec capital...
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Nov 28, 2012
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charlie: we try not to make fun of steve cohen but it is a possibility. it is a possibility -- here is the thing. you have to go back to a 2011 lawsuit by fairfax financial who sued steve cohen saying they would emulating the stock a fairfax. the case is still open but he has been dropped from the case, steve cohen had to give a deposition, fascinating reading. i have read it. one of the more interesting quotes we should put on full screen because it is interesting about what he said. this is what the attorney -- your understanding of the rule is there are times when you are permitted to trade on the basis of material nonpublic information, i can't give you a yes or no answer. liz: hard enough not to perjure himself. charlie: sec capital announced in the conference call the sec staff filed a wells notice recommending charges against sec over insider trading and compliance with what i can tell you government investigators believe and fairfax financial believed because there ii other stuff that steve cohen does not have compliance systems in place to basica
charlie: we try not to make fun of steve cohen but it is a possibility. it is a possibility -- here is the thing. you have to go back to a 2011 lawsuit by fairfax financial who sued steve cohen saying they would emulating the stock a fairfax. the case is still open but he has been dropped from the case, steve cohen had to give a deposition, fascinating reading. i have read it. one of the more interesting quotes we should put on full screen because it is interesting about what he said. this is...
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Nov 21, 2012
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they didn't even steve cohen by name. when i say that earlier in the year, i thought was it in place at the time this conversation occurred and how much more do they have up their sleeve, if anything. >> very good question. so what we reported was that they only had the wiretap for two weeks. it was back in 2008. it could have been after this trade. hypothetically they were looking for evidence post-trade, after the trade, to implicate him and they struck out hypothetically. >> could this be one of those cases -- either of you -- could this be one of those cases, which as in many federal prosecutions, the prosecutors go after the lower lying guy and then hope that that person will turn as part of a plea deal and squeeze the top guy? >> that's one clear scenario. it is an obvious scenario. you would wonder whether they've done that already though but you can definitely spin that and anticipate like that hypothetically. >> it also seems to me, tyler, like this case was sort of made by the presence of a cooperating witness i
they didn't even steve cohen by name. when i say that earlier in the year, i thought was it in place at the time this conversation occurred and how much more do they have up their sleeve, if anything. >> very good question. so what we reported was that they only had the wiretap for two weeks. it was back in 2008. it could have been after this trade. hypothetically they were looking for evidence post-trade, after the trade, to implicate him and they struck out hypothetically. >>...
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Nov 21, 2012
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steve cohen is often listed as one of the top five art collectors in the world. he's purchased more than $700 million worth of art, much of that just in the past decade. some of his biggest trophies include one for $137 million. he owns the famous "turquoise marilyn" by andy warhol. and of course, the famous "pickled shark." the shark started to decompose, so in 2006, cohen paid to have a new shark put in the tank and the piece was restored. there's talk among art dealers that cohen has become more of a seller than a buyer recently, and not all of those sales have gone that well. he tried to sell a painting last week at the christy's auction, but it was one of the few pieces that failed to sell. it didn't meet the estimate of more than $8 million. one reason cohen has so much art, he has a lot of wall space. his stone mansion in connecticut is over 35,000 square feet. the estate has its own putting greens, a hockey rink, and zamboni house. he's also quite fall an tlopphi. whatever happens, cohen is still a very popular figure among art dealers, charities, and mus
steve cohen is often listed as one of the top five art collectors in the world. he's purchased more than $700 million worth of art, much of that just in the past decade. some of his biggest trophies include one for $137 million. he owns the famous "turquoise marilyn" by andy warhol. and of course, the famous "pickled shark." the shark started to decompose, so in 2006, cohen paid to have a new shark put in the tank and the piece was restored. there's talk among art dealers...
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Nov 20, 2012
11/12
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the real question is steve cohen. what is the future of steve cohen? and where is he? i can tell you in a major way cohen is being eyed by the federal investigators. he's been in the news a lot. we have a very interesting conversation, a deposition he gave in a civil suit. it was a civil suit against fairfax financial, against sac capital. cohen got brought in on the suit. they asked him what was -- what is insider trading? do we have the full screen because this is fascinating stuff. liz: we don't have the name. we don't have the full screen. >> what is going on? [laughter] >> anyway, they asked him, do you know what insider trading, can you give a yes or no answer? what is insider trading? liz: he said i cannot give a yes or no answer. -- >> he said i can't give a yes or no answer. this gets to some ambiguity with insider trading. as someone who sat with a lot of federal investigators, they don't think it's ambiguous. they think there is a real yes or no answer. that's why he's in the crosshairs. we should point out in this case, this fund manager dealt directly with
the real question is steve cohen. what is the future of steve cohen? and where is he? i can tell you in a major way cohen is being eyed by the federal investigators. he's been in the news a lot. we have a very interesting conversation, a deposition he gave in a civil suit. it was a civil suit against fairfax financial, against sac capital. cohen got brought in on the suit. they asked him what was -- what is insider trading? do we have the full screen because this is fascinating stuff. liz: we...
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Nov 23, 2012
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i mean you could make a whole career of following federal prosecutors going after steve cohen and sac and at what point do they -- either they come up with something or they don't. but will there come a time when they finally say, okay, we give up? >> i really don't know, bill. it feels at this point it's been years and it could continue to be years. sac continues to perform which is remarkable. at the same time, these legal issues aren't going away. if anything, the government prosecutors seem to be coming closer to cohen with every step. we don't know what kind of evidence they have on him. but they're certainly trying. so it is clearly become a cause for the district attorney in manhattan and they focus on insider trading in a big way. >> kate kelly work being the story there, thanks. >>> coming back with the closing countdown on this holiday shortened day. the markets about to close and with a pretty good rally. >> a black friday rally is giving investors an early holiday present. can it carry over into next week with still a lot of uncertainty hanging over the markets. >>> and on
i mean you could make a whole career of following federal prosecutors going after steve cohen and sac and at what point do they -- either they come up with something or they don't. but will there come a time when they finally say, okay, we give up? >> i really don't know, bill. it feels at this point it's been years and it could continue to be years. sac continues to perform which is remarkable. at the same time, these legal issues aren't going away. if anything, the government...
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Nov 21, 2012
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i don't think steve cohen is one of them. he has not been indicted. there's been nothing proven about steve cohen and i think in our country, we are innocent until proven guilty. >> and we should also -- >> i'm happy to come on the phone and to rebut this stuff, not that i know anything more than anybody else, but i think we go a little crazy on people with the media and the politics, okay, it's unfair. >> again, anthony, look, i appreciate your opinion. we're simply stating the facts of what the feds have alleged took place in the unit of sac. >> speaking to the fact, but we owe the viewers some analysis of the facts. >> just talked to this investor, he himself told me if i were managing my own money, i would keep it in sac. i don't know how i'm going to replace them from a performing perspective. how do you necessarily study the details? >> the fund manager you're talking about is not doing his homework because they have very, very tight insider trading protocalls at sac capital and the guy has performed from 2008 through 2012 during that period of
i don't think steve cohen is one of them. he has not been indicted. there's been nothing proven about steve cohen and i think in our country, we are innocent until proven guilty. >> and we should also -- >> i'm happy to come on the phone and to rebut this stuff, not that i know anything more than anybody else, but i think we go a little crazy on people with the media and the politics, okay, it's unfair. >> again, anthony, look, i appreciate your opinion. we're simply stating...
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Nov 10, 2012
11/12
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with us on the show, congressman steve cohen from tennessee. love to have you on the show every time, congressman. let's backpedal a little bit and tell a little bit on the general petraeus story. head of c.i.a. and accomplished germ so it's also a sad story. some are speculating now that, hey, you know, did this have something to do with his--how he handled ben mankiewicz bengahzi. do you anything on that. >> general petraeus has done a lot of for our country. i was told that he once had political aspirations and wanted to run for president. i'm surprised they didn't choose him, and i'm pleased they didn't. he might have won. this takes him out of public service. he was a great american. >> cenk: michael, let me turn to you now on that issue. it's interesting center feinstein said that she wished the president had not accept his resignation. but the president did accept his resignation. does that make you think this is more than an fair an affair. >> i don't know anything more of it. i usually think it's just an affair. thinkspeaking of what c
with us on the show, congressman steve cohen from tennessee. love to have you on the show every time, congressman. let's backpedal a little bit and tell a little bit on the general petraeus story. head of c.i.a. and accomplished germ so it's also a sad story. some are speculating now that, hey, you know, did this have something to do with his--how he handled ben mankiewicz bengahzi. do you anything on that. >> general petraeus has done a lot of for our country. i was told that he once had...
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Nov 20, 2012
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you worked at sac i know you know steve cohen. what do you think about the risk for really an iconic hedge fund manager? >> anybody that's an outside investor, almost half, roughly 13 billion, an outsider investor knows this already, that the sec has been trying to get steve for years and years. you mentioned earlier, there's another firm that also has some members or former members that are under indictment or trial. so here's the deal. sac has 500 people. it's tough to influence and to manage all these people. it's incredibly tough compliance procedures in place. i just don't believe he would jeopardize roughly a 6 to $8 billion fortune for even a few hundred million dollars. >> kate, let's bring you back in. sac -- at all, let's make that point. we have to start wonderfing abot the reputational risk as i said in my risk. >> it's very big, scott. there are a few key -- ironically has done well in the last couple of years. ten or 11% year to date and -- criticized for underperforming in the s&p for instance, which was on such a t
you worked at sac i know you know steve cohen. what do you think about the risk for really an iconic hedge fund manager? >> anybody that's an outside investor, almost half, roughly 13 billion, an outsider investor knows this already, that the sec has been trying to get steve for years and years. you mentioned earlier, there's another firm that also has some members or former members that are under indictment or trial. so here's the deal. sac has 500 people. it's tough to influence and to...
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Nov 20, 2012
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. >> and we're talking about someone with direct ties to steve cohen and steve cohen isn't named by name, but it's pretty easy to find out what that they are talking about him from reading the charges. explain a little bit. >> going over the complaint, and it is probably the most brilliant complaints i have ever read the government and fbi agent are to be commended for their work. painstakingly correlated e-mails, ims, phone calls along then with public disclosure documents by sac capital, put orders trade orders sell orders etc. etc. all the correlation, they have made their case to show a conversation with the cooperating witness with martoma led to a purchase by sac capital or a sale. they don't mention sac capital. they don't mention mr. cohen, but they do say is that mr. martoma had a conversation with hedge fund owner, had a conversation with his boss, and it also -- >> only one hedge fund owner at sac capital. >> they haven't named it, but you and i can both infer that's what it is. more importantly the government is very very key in this to put in the complaint the nondisclosure
. >> and we're talking about someone with direct ties to steve cohen and steve cohen isn't named by name, but it's pretty easy to find out what that they are talking about him from reading the charges. explain a little bit. >> going over the complaint, and it is probably the most brilliant complaints i have ever read the government and fbi agent are to be commended for their work. painstakingly correlated e-mails, ims, phone calls along then with public disclosure documents by sac...
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Nov 29, 2012
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no doubt the issues that will arise continue to be steve cohen, his involvement in an ongoing insider trading investigation that the government has lost. cohen has not been charged personally. there's no indication those plans are coming down the road. he was not part of the wells notice the firm received last week, reportedly. nonetheless, questions surround about his involvement as well as his plans to potentially retire sometime soon reported in the "wall street journal" this morning. an s.a.c. spokesperson tells me the notion that cohen is soon to retire is utterly false. nonetheless, from what i'm hearing there's a lot of question from within the firm about cohen's situation and what the legal issues are as they continue to unfold, scott. we'll bring you more details of that as we learn them, again, after the close of trading today. >> quickly, what happens if steve cohen no longer is running s.a.c.? >> scott, it's hard to fathom the firm going on without his vo involvement. not only is the fast majority of their capital under management either steve cohen's or other insiders, bu
no doubt the issues that will arise continue to be steve cohen, his involvement in an ongoing insider trading investigation that the government has lost. cohen has not been charged personally. there's no indication those plans are coming down the road. he was not part of the wells notice the firm received last week, reportedly. nonetheless, questions surround about his involvement as well as his plans to potentially retire sometime soon reported in the "wall street journal" this...
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Nov 28, 2012
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. >>> pressure has been turned up on hedge fund giant steve cohen. kate kelly, what have you learned about this story? >> you're right that the heat on sac capital turned up about a notch this morning with the firm's own announcement to investors it received a wells notice from the s.e.c., a warning the agency may file civil charges against the sac. up to know now they've only charged a former trading member and a sid sidary unit but that may change. the rev lake came through a half-hour investor briefing call in which sac founder steve cohen expressed his continued belief that he has acted proechtly. he then turned the call over to his top lieutenant who said sac received the notification from the atecy last week and that it continues to cooperate with the government's investigation. this is a difficult one though because it was already ensnared steve cohen personally by alleging he was deeply involved in a decision to sell stock positions that were likely to lose value because of an event that hadn't yet been made public in the summer of 2008. it i
. >>> pressure has been turned up on hedge fund giant steve cohen. kate kelly, what have you learned about this story? >> you're right that the heat on sac capital turned up about a notch this morning with the firm's own announcement to investors it received a wells notice from the s.e.c., a warning the agency may file civil charges against the sac. up to know now they've only charged a former trading member and a sid sidary unit but that may change. the rev lake came through a...
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Nov 23, 2012
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>> steve cohen's people suggested this is a witch hunt. >> you think? >> i don't know. >> i read it either coming from the steve cohen camp or the martoma camp to say i'm not flipping. >> it's a message. >> we're looking at all three. >> i don't know, but the thing that was interesting on this though as you were starting to say martoma found out on tuesday the case against him is going to be much tougher because the university professor who was involved in these trials, where they apparently got the inside information has flipped on him. he's going to be, and this also points out that matthew martoma is married with children and going to be looking at 20 years in prison if he goes with some of these. >> the key here, steve cohen can make the trade but the key is did he know about the inside information. >> correct. >> that's going to be hard to prove. >> we know he made the trade, they flipped from long to seriously short. >> the trade was made and prior to that trade there was information given by the doctor to matthew. >> does he have to disgorge this
>> steve cohen's people suggested this is a witch hunt. >> you think? >> i don't know. >> i read it either coming from the steve cohen camp or the martoma camp to say i'm not flipping. >> it's a message. >> we're looking at all three. >> i don't know, but the thing that was interesting on this though as you were starting to say martoma found out on tuesday the case against him is going to be much tougher because the university professor who was involved...
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Nov 29, 2012
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they wanted to reassure employees that steve cohen, a, has though plans to retire contrary to some talk out there today. two, that he is not personally entangled in this current government investigation. well, rather in the current government complaint over insider trading allegations against a former trader as well as one of sac's subsidiary units. there was talk that he may be charged in the coming months, but the staff has reassured them it'sed a rye s ed advisers that chargcharg charged along with a doctor who allegedly provided information to this insider. not cohen personally. as far as i'm told, the staff mood has been relatively stable. people are obviously concerned, but cohen has been going around and actually meeting with portfolio managers one on one, melissa, to try to reassure them this should be business as usual and he's not going anywhere. >> it's karen. let me ask you something. if there is liability for the firm, who bears that liability? do the investors in the firm, or when they say the firm, is that equity owners of the firm? >> in this case, they put safeguards in
they wanted to reassure employees that steve cohen, a, has though plans to retire contrary to some talk out there today. two, that he is not personally entangled in this current government investigation. well, rather in the current government complaint over insider trading allegations against a former trader as well as one of sac's subsidiary units. there was talk that he may be charged in the coming months, but the staff has reassured them it'sed a rye s ed advisers that chargcharg charged...
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Nov 21, 2012
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interesting case involving steve cohen, as you were discussing. you know, most people don't really know him except for these headlines in recent years. actually, he's a little bit of a low-key guy. perhaps he'll lose his temper or not trading floor but in general if you see him in public life -- whichvy occasionally at a charity function or something like that -- he's actually quite shy. i'm told he cools his heels are in stamford connecticut at his mansion where he has an art collection. his financial standing is anything but low key. he's 490th richest american, according to the "forbes" list with $9 billion in wealth and as you know, a significant chunk of that is in sac capital. 16% of the $14 billion that the firm manages belongs to either steve himself or other insiders, employees and the like. that's something that could be a source of stability for them if investors get concerned about what's going on and start to redeem capital in any major way. i spoke just recently to a funds manager who decided to redeem yesterday, not based on any per
interesting case involving steve cohen, as you were discussing. you know, most people don't really know him except for these headlines in recent years. actually, he's a little bit of a low-key guy. perhaps he'll lose his temper or not trading floor but in general if you see him in public life -- whichvy occasionally at a charity function or something like that -- he's actually quite shy. i'm told he cools his heels are in stamford connecticut at his mansion where he has an art collection. his...
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Nov 27, 2012
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steve cohen is implicated in this particular case, although it is not clear what he knew at the time that martoma's stock sales remain. i investors sanguine so far. there will be a lot of discussion about this tomorrow, you guys, unclear whether or not there will be questions taken or whether it will simply be prepared remarks on the part of the firm. the call does take place at 8 a.m. one thing to note there are a lot of safe guards against redemptions if they are to happen. for example, firms have to notify sac 45 days before the end of the quart fer they want to take money out as well as only taking it out sort of a little bit at a time, i believe 25% of the total investment per quarter what you can do. of course, there's safety, scott, in the fact that about $8 billion of sac's 14 in total under management belongs to cone and other insiders. >> even know, kate, whether mr. cone himself will be on the call? >> we don't know, scott that's one thing i haven't been able to determine what i know is it will be sac management and whether that's their head of ir, i'm sure that person wil
steve cohen is implicated in this particular case, although it is not clear what he knew at the time that martoma's stock sales remain. i investors sanguine so far. there will be a lot of discussion about this tomorrow, you guys, unclear whether or not there will be questions taken or whether it will simply be prepared remarks on the part of the firm. the call does take place at 8 a.m. one thing to note there are a lot of safe guards against redemptions if they are to happen. for example, firms...
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Nov 29, 2012
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s billionaire founder, steve cohen, told clients he is confident that he "acted appropriately." well, another big company today authorizing a special dividend in anticipation of higher taxes next year. now it's costco jumping on the dividend bandwagon as a way to beat some of the impact of the fiscal cliff fallout. the wholesale club operator announced a special dividend of $7 a share to investors. it will cost the firm an estimated $3 billion. >> susie: tom, investors like the news. cosco's shares rose more than 6%, or $6, and a gain of of%. >> tom: we've seen a list of companies providing these special dividends, and we'll have more reporting on that tomorrow. today, meantime, in our market focus, some encouragement from capitol hill in the white house over avoiding the fiscal cliff. and the major stock indices head higher. the s&p 500 began the session by moving lower, hitting its lowest level of the day in the first hour. it moved into the green for the session the same hour president obama said they may have a fiscal cliff deal by christmas. the index finished at its high o
s billionaire founder, steve cohen, told clients he is confident that he "acted appropriately." well, another big company today authorizing a special dividend in anticipation of higher taxes next year. now it's costco jumping on the dividend bandwagon as a way to beat some of the impact of the fiscal cliff fallout. the wholesale club operator announced a special dividend of $7 a share to investors. it will cost the firm an estimated $3 billion. >> susie: tom, investors like the...
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Nov 28, 2012
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management and it's unclear whether steve cohen himself will be on the call will be briefing investors of what's going on of late, notably this case filed last week. and this case is important because for the first time it would appear that steve cohen the fund founder has implicated himself in one of the trades involved, although we don't know what knowledge he had and whether he knew that martoma alleged improper information. having said all that, it's unclear what s.a.c. is facing in terms of investor redemptions. i reported last week on one money manager who under pressure from individual investors in its fund were redeeming capital. now, the next window to take capital back is actually not until early 2013, but that party filed a bit early. as of yet i was hearing there are other individual investors who are in s.a.c. either through funds of funds or in this case through private brokers who are feeling very uncomfortable about it. and they are almost looking at s.a.c. as a stock that could go to zero if these legal issues get serious enough. now, their advisers, money managers are
management and it's unclear whether steve cohen himself will be on the call will be briefing investors of what's going on of late, notably this case filed last week. and this case is important because for the first time it would appear that steve cohen the fund founder has implicated himself in one of the trades involved, although we don't know what knowledge he had and whether he knew that martoma alleged improper information. having said all that, it's unclear what s.a.c. is facing in terms...
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Nov 25, 2012
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steve cohen, come back any time. katrina from the nation magazine. eli lake and heather hurl burt from the national security network. thank you all. i learned a lot today from the show. >>> we'll be back next weekend. saturday and sunday at 8:00 eastern times. our guests include connecticut governor dan malloy. malloy is really a rising star, i think, in the democratic party. has put together budget deals to avoid fiscal shortfalls that should be a model for a lot of the rest of the country to follow. i'm really excited to talk to him. you want to tune in for that. up next is melissa harris-perry. today, the walmart paradox. low prices have undeniable appeal. but the campaign to organize against the giant retailer says we need to look beyond the discounts and understand the real price being paid. also on the show, this is a special treat. professional anita hill lays out a vision for what's ahead for women. that's melissa harris-perry. you want to stick around for that next. we'll see you next week here on "up." if you think you missed out on black f
steve cohen, come back any time. katrina from the nation magazine. eli lake and heather hurl burt from the national security network. thank you all. i learned a lot today from the show. >>> we'll be back next weekend. saturday and sunday at 8:00 eastern times. our guests include connecticut governor dan malloy. malloy is really a rising star, i think, in the democratic party. has put together budget deals to avoid fiscal shortfalls that should be a model for a lot of the rest of the...
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Nov 27, 2012
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that is true but the heat is turned up on sac and steve cohen himself. lori: he has to be preparing >> this is due. he has not been charge. sac has not been charged. with the indictment on matthew the% that he shared the information with, it is clear irritation not clear if he said inside deprivation by sharing itself was steve cohen. as we first reported they tapped his phone and have been going after him four years. they have about seven people around him and it is very decentralized it is known as the hub and spoke other managers go to him with their best ideas a. the notion is to they bombard him with those ideas? to say i have the legal tip. this is a big band. his money is in this but this fund will see the final run. let's just say the fed cannot get anything on him with a don't ask don't tell operation. the government as ways to shutdown if they think you're not compliant or if you ignore compliance or ignore it if they go activity. -- illegal activity. senior government officials say he is problematic. i think insider trading is a victimless cri
that is true but the heat is turned up on sac and steve cohen himself. lori: he has to be preparing >> this is due. he has not been charge. sac has not been charged. with the indictment on matthew the% that he shared the information with, it is clear irritation not clear if he said inside deprivation by sharing itself was steve cohen. as we first reported they tapped his phone and have been going after him four years. they have about seven people around him and it is very decentralized it...
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Nov 20, 2012
11/12
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our colleague, charlie, obtaining a statement from sac capital, a spokesman saying steve cohen are confident they have acted appropriately and will ccntinue to cooperate with the government's inquiry. now this, of course, in response to the matthew arrest, alleged in the largest insider trading scheme ever, affiliate of the the capital, and that's why steve's name is connected to this. again, mr. cohen not charged at this time, but a statement telling charlie they agented appropriately and will continue to cooperate with the government's inquiry, and, of course, the news broke earlier today that the manhattan attorney's office is bringing him in from florida to face these allegations that he's in the center of a $276 million trading scheme, the largest ever. back to you. liz: not involved in a negative way, but had to be questioned, and now he'll continue to help with the investigation. david: mystery phrase, by the way, from the charge, portfolio manager a, and the question is whether that is cohen, and the suspicion is that it is. breesht it. a -- appreciate it. a group of militaries telli
our colleague, charlie, obtaining a statement from sac capital, a spokesman saying steve cohen are confident they have acted appropriately and will ccntinue to cooperate with the government's inquiry. now this, of course, in response to the matthew arrest, alleged in the largest insider trading scheme ever, affiliate of the the capital, and that's why steve's name is connected to this. again, mr. cohen not charged at this time, but a statement telling charlie they agented appropriately and will...
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Nov 23, 2012
11/12
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. ♪ david: might be the biggest trading case of all time as steve cohen is investigated in connection with a $2.76 billion trading scheme. joining us is a former investment banker, carroll ross. talk about insider trading in general. people wonder, depends on the prosecutor, what inside trading is. do you know, can you define clearly for me who insider trading is? >> sure, dave, i'll go ahead. it's anything where there is a trade on material non-public information so information that the general public wouldn't have access to. david: let me stop you right there then. if that's so, what about a warren buffet say? %-money for the economy, but ges a private meeting with tim geithner in the height of the financial crisis and tim tells him stuff about goldman sachs. he makes a $2 billion profit. could that not be considered, from your definition, to be insider trading? >> i think that's the crux of the issue. it's very difficult to decide what's proprietary research and non-public information. i'm not sure that insider trading and having the information is a bad thing. if you think about t
. ♪ david: might be the biggest trading case of all time as steve cohen is investigated in connection with a $2.76 billion trading scheme. joining us is a former investment banker, carroll ross. talk about insider trading in general. people wonder, depends on the prosecutor, what inside trading is. do you know, can you define clearly for me who insider trading is? >> sure, dave, i'll go ahead. it's anything where there is a trade on material non-public information so information that...
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Nov 2, 2012
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i want to thank steve cohen and the cohen family for their commitment to ohio, for their work here, for the people they employ here and for the commitment to america. thank you, steve, and thank you for your help. now, i have heard you chanting out here four more days, and you are right. there's not much time left before people make the decisions as to which way the country something to head. i think a lot of people made their mind up a long time ago who they were going to support. there are some folks who are getting ready to put aside the demands of daily living and ask themselves what's best for them and what's best for their family and what's best for america. as they go through that process, what i hope they'll do is put aside all the speeches and ads and put aside the attacks and really focus on the record. as you know, talk is cheap. a record of accomplishment and achievement, that is something that happens with effort. that is something you can't fake, so i'd like the people across the country to give this election some real consideration to decide who can actually get america s
i want to thank steve cohen and the cohen family for their commitment to ohio, for their work here, for the people they employ here and for the commitment to america. thank you, steve, and thank you for your help. now, i have heard you chanting out here four more days, and you are right. there's not much time left before people make the decisions as to which way the country something to head. i think a lot of people made their mind up a long time ago who they were going to support. there are...
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Nov 21, 2012
11/12
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today steve cohen, friend of our show, democrat from tennessee the first district there said this in "the washington post" in an op eth. we ask that your departments take no enforcement action against anyone who acts in compliance with the laws of colorado, washington and any other states that choose to regulate access to marijuana for medicinal or personal use. it is not just the elected officials or the liberals. you have people who were in law enforcement, law enforcement against prohibition. this is the leap letter. after 40 years of the drug war people no longer look upon law enforcement as heroes but as people to be feared. this is particularly true in poor neighborhoods and those people of color and -- and those of people of color and it impacts our ability to fight real crime. i'm joined with michael tricia, ana and we invite a criminal defense. sara, what happens? how does this work if there's a federal -- one federal law but the state makes up a law in colorado, the people have spoken. in colorado, they said listen, we want legalization. >> they voted for this. so good ques
today steve cohen, friend of our show, democrat from tennessee the first district there said this in "the washington post" in an op eth. we ask that your departments take no enforcement action against anyone who acts in compliance with the laws of colorado, washington and any other states that choose to regulate access to marijuana for medicinal or personal use. it is not just the elected officials or the liberals. you have people who were in law enforcement, law enforcement against...
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Nov 21, 2012
11/12
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capital visors in connecticut which is run by billionaire steve cohen gathered inside information about an alzheimers cli.$kal drug trial that was being conducted. based on that information he built a position of $700 million in the two drug companies that were running the trial. through his connections with a neurologist at the university of michigan, he gathered inside information about the progress of that clinical drug trial first building the position in the stk whene thought the trial was going well and then when he affirmatively learned it was not going so well he had the sell all of its shares and stock options. gained or avoided losses of $276 million. >> what do we know about this firm and this individual? some of his employees have been in the cross hairsÑi before. >> cohen had one of the best track records on wall street in terms of running his hedge fund. he's had returns eraging 30% a year since 1992. he personally is worth about $8 billion. six of his employees have been criminally charged in the last three years in the wall street crackdown on insider trading by u.s. at
capital visors in connecticut which is run by billionaire steve cohen gathered inside information about an alzheimers cli.$kal drug trial that was being conducted. based on that information he built a position of $700 million in the two drug companies that were running the trial. through his connections with a neurologist at the university of michigan, he gathered inside information about the progress of that clinical drug trial first building the position in the stk whene thought the trial was...
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Nov 28, 2012
11/12
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steve cohen's sac capital receiving a wells notice from the s.e.c. saying it may take civil action against the $14 billion hedge fund. this comes after former sac portfolio manager matthew martoma was accused of running a $276 million insider trading scheme. >>> two firms are making a play for knight capital. >>> all week long on cnbc we're looking at the power players in washington. we are asking their constituents whether or not they are rising above to help solve the fiscal cliff. jane wells is live in the house minority leaders' home state. >> reporter: sue, coming up we're going to go to nancy pelosi's district to ask her constituents what they think of her, what they want from her, and if they're actually worried the fiscal cliff will happen. pg with the emphasis on "lunch" when we come back. >>> in october 2004, our national debt was $7.4 trillion. today that number has more than doubled to over $16 trillion. ♪ ♪ ♪ [ male announcer ] 'tis the season to discover the kid in all of us. the memories that last, start with the gifts that last.
steve cohen's sac capital receiving a wells notice from the s.e.c. saying it may take civil action against the $14 billion hedge fund. this comes after former sac portfolio manager matthew martoma was accused of running a $276 million insider trading scheme. >>> two firms are making a play for knight capital. >>> all week long on cnbc we're looking at the power players in washington. we are asking their constituents whether or not they are rising above to help solve the fiscal...
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Nov 26, 2012
11/12
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not named and yet inferred in that complaint is steve cohen who is the head of s.a.c. capital. according to the complaint, the owner of the hedge fund was aware of these trades. and a lot of people feel that this is a key development in this case. back to you. >> all right, bertha, thanks so much, bertha coombs for us down in lower manhattan. again the significance. this is the first time we're seeing the man accused by the feds of pulling off the biggest insider trading scheme in u.s. history. herb, thanks to you, as well. we'll see you again soon. and when "halftime" comes back. from black friday to the cyber monday rush, we're on the hunt for new retail stock plays and a top portfolio manager is going to tell you what should be on your shopping list. >>> and later, citi initiates coverage on america's favorite stock, apple with three separate analysts. they'll all join us exclusively to dissect the tech giant. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then yo
not named and yet inferred in that complaint is steve cohen who is the head of s.a.c. capital. according to the complaint, the owner of the hedge fund was aware of these trades. and a lot of people feel that this is a key development in this case. back to you. >> all right, bertha, thanks so much, bertha coombs for us down in lower manhattan. again the significance. this is the first time we're seeing the man accused by the feds of pulling off the biggest insider trading scheme in u.s....
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Nov 23, 2012
11/12
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one is that he refused to cooperate in a case being built against his former boss, steve cohen, who many thought for years was the big fish that federal prosecutors and secondarily the s.e.c. may have been trying to go after in terms of numerous insider trading allegations the government has made against a number of hedge funds and expert networks including former employees of s.a.c. the fact he refuses to go along with that tells us they were trying to do it specifically. he and martoma discussed a trade that resulted in these quarter billion dollars in what the feds describe as ill gotten profits. we don't know what cohen knew about the fact that or at least the allegations that martoma had inside information. he did participate in the decision to sell the stake that resulted in money. seconda secondarily, i wonder if the evidence against martoma is strong. one is his refusal. if he thought there were tough charges and evidence that were coming his way, he might have been convinced to cooperate. secondly, let's take a look at the lenganguage his lawyer used when this was first announce
one is that he refused to cooperate in a case being built against his former boss, steve cohen, who many thought for years was the big fish that federal prosecutors and secondarily the s.e.c. may have been trying to go after in terms of numerous insider trading allegations the government has made against a number of hedge funds and expert networks including former employees of s.a.c. the fact he refuses to go along with that tells us they were trying to do it specifically. he and martoma...
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Nov 27, 2012
11/12
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steve cohen is stopping the outflow of funds. they are going to hold a call today. this will take place this morning. they will hold a call with investors, according to charlie gasparino. charlie, himself, will have more on this throughout the day on fox business. back to the cliff. with the president's legacy at risk, our next guest is here to talk about a compromise. i do not believe you agree with steve moore. are you putting your money where your mouth is? >> i do not agree with steve. i have lived inside the beltway for quite a long time. president obama got beaten up pretty good in the debates. it looks to me that he will be more flexible. when push comes to shop, he will be more flexible. he wants to leave a legacy of the greatest president of all time. connell: steve moore making the case a moment ago that we will go over the cliff for a few weeks, a few months, whatever it may be. you make a bet that he does a deal before the end of the year because he is worried about his legacy. are you sure enough about it to bet on something in the markets? >> well, yea
steve cohen is stopping the outflow of funds. they are going to hold a call today. this will take place this morning. they will hold a call with investors, according to charlie gasparino. charlie, himself, will have more on this throughout the day on fox business. back to the cliff. with the president's legacy at risk, our next guest is here to talk about a compromise. i do not believe you agree with steve moore. are you putting your money where your mouth is? >> i do not agree with...
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Nov 7, 2012
11/12
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>> guys like sheldon adelson and the koch brothers and even my good friend, steve cohen had a guy who spent $2 million of his own money running and barely -- i don't even think he got 25% of the vote in that district. the linda mcmahon -- everything. i'm just thrilled with the rejection of that whole concept. >> stephanie: money can't prop up bad candidates like mitt romney like linda mcmahon. i said this as a woman congressman, we've talked about this. they love to do that story oh, the gender gap is gone. i knew it wasn't going -- this was the year of the woman, was it not? >> well, certainly. with tammy baldwin and clair claire mccaskill, of course. and the new hampshire -- >> stephanie: tammy duckworth elizabeth warren. >> i knew i had some conversations with tammy. what a great person, a great american. just been -- it's been an inspirational day. >> stephanie: congressman, i have to say personally, i could not have been happier to see joe walsh and allen west go -- somebody particularly virulent, nasty, obstructionist republicans in your body. what do you think? >> well, absolut
>> guys like sheldon adelson and the koch brothers and even my good friend, steve cohen had a guy who spent $2 million of his own money running and barely -- i don't even think he got 25% of the vote in that district. the linda mcmahon -- everything. i'm just thrilled with the rejection of that whole concept. >> stephanie: money can't prop up bad candidates like mitt romney like linda mcmahon. i said this as a woman congressman, we've talked about this. they love to do that story...
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Nov 18, 2012
11/12
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our guests include democratic congressman steve cohen of tennessee. up next is melissa harris-perry on today's mhp, america's prison system in perl. the federal judge speaking out about mandatory minimums and the latest on the fighting in the middle east. i'm sticking around for her discussion of the petraeus scandal. that's melissa harris-perry coming up next. great to have you here. see you next week here on "up." happy thanksgiving everyone. [ male announcer ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! a body at rest tends to stay at rest... while a body in motion tends to stay in motion. staying active can actually ease arthritis symptoms. but if you have arthritis, staying active can be difficult. prescription celebrex can help relieve arthritis pain so your body can stay in motion. because just one 200mg celebrex a day can provide 24 h
our guests include democratic congressman steve cohen of tennessee. up next is melissa harris-perry on today's mhp, america's prison system in perl. the federal judge speaking out about mandatory minimums and the latest on the fighting in the middle east. i'm sticking around for her discussion of the petraeus scandal. that's melissa harris-perry coming up next. great to have you here. see you next week here on "up." happy thanksgiving everyone. [ male announcer ] when this hotel added...
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Nov 25, 2012
11/12
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i want to bring in congressman steve cohen, democrat of tennessee. ka treata. and a senior fellow at the american task force on palestine. which advocates for a two-state solution and heather hurlburt, former member of the clinton state department foreign policy planning team. now executive director of the national security network this is my take-away from the set of incentives that have been created in the region. hussein, i'm curious, as someone who is a very outspoken advocate for two-state solution, if this is how you see things as well. i think to some extent -- >> feel free to disagree. >> i'll tell you where i did disagree minorly. i think overall your analysis is correct. the incentive structure that's been created does certainly encourage palestinians to think that negotiations, dipsy, cooperations with israel is a dead end and all that the p.a. has to show is not being able to pay the salaries of public employees in west bank and gaza, except from two months back. and israeli settlement activity continues in all of that. they have little to show for
i want to bring in congressman steve cohen, democrat of tennessee. ka treata. and a senior fellow at the american task force on palestine. which advocates for a two-state solution and heather hurlburt, former member of the clinton state department foreign policy planning team. now executive director of the national security network this is my take-away from the set of incentives that have been created in the region. hussein, i'm curious, as someone who is a very outspoken advocate for two-state...
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Nov 27, 2012
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. >> always important to point out 9 billion of 14 billion under management is steve cohen's are those of his employees. he's committed to paying attorney fees. >> those are changes he implemented within the last few years. about 60% of their 14 billion is either steve or other insiders at the firm. by the way, it's not entirely clear whether cohen is on this call tomorrow. senior management will run it. whether he himself will be involved, we'll see. >> kate, as always, appreciate your updating us. >>> we have a month or so left in 2012. it's another forgettable year for mergers and acquisitions in the u.s. deal volumes down about 100 billion from last year. that according to deal logic. when is the slump going to end? let's ask jim woolerly. always good to have you. we have five, six weeks left. five weeks. will we see resurgence in activity? jim cramer this morning getting excited with me because of the conagra deal. >> i think we'll be in the same mode we've been in. this is the most important moment that we've had in the m & a market since the crisis. first we had to stabilize the
. >> always important to point out 9 billion of 14 billion under management is steve cohen's are those of his employees. he's committed to paying attorney fees. >> those are changes he implemented within the last few years. about 60% of their 14 billion is either steve or other insiders at the firm. by the way, it's not entirely clear whether cohen is on this call tomorrow. senior management will run it. whether he himself will be involved, we'll see. >> kate, as always,...
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Nov 21, 2012
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steve cohen is a less known figure in the general public. he very rarely gives an interview and so far has declined our information to come on cnbc and talk about the latest legal situation. but within his firm, you know, he casts a very long shadow. he's known for being a very aggressive, very hands-on trader as well as a manager of people. i'm told by people who have worked there in the past and now that if he disagrees with your position or he wants more information on it, he's known for getting in your grille and asking a lot of questions about where you came up with your thesis, why you changed your mind or what's going on. these could create a problem for him in terms of the legal case that was opened yesterday, the complaint against matthew martoma, who sold off positions they had in two pharmaceutical companies, elan and wyeth, allege he had information about a trial they were involved in that wasn't going well. he spoke to the hedge fund owner, assumed to be mr. cohen, on the weekend preceding the sale of these positions. and cohen
steve cohen is a less known figure in the general public. he very rarely gives an interview and so far has declined our information to come on cnbc and talk about the latest legal situation. but within his firm, you know, he casts a very long shadow. he's known for being a very aggressive, very hands-on trader as well as a manager of people. i'm told by people who have worked there in the past and now that if he disagrees with your position or he wants more information on it, he's known for...
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Nov 28, 2012
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cohen, is personally responsible for this. cohen said he was present at the beginning of the call and turned it over to his president and said we take these matters seriously and i'm confident that i acted appropriately. nonetheless, you guys, this is definitely a difficult chapter for them because you have a situation in which cohen has been implicated in the events with former trader mathew martoma because he partook in discussions but now the firm they founded in 1992 may be charged on a corporate level. >> kate, you know, another firm -- i think this could be in some ways we've seen it almost a death blow. outside investors even just with the wells notice can often times pull their money. as we pointed out many times, $9 billion of what i've told is 15 billion overall in assets at s.a.c. is either mr. cohen or that of his employees. even if you were to pull out, it remains a huge hedge fund. their investor base is toughened at this point as well. >> those are fair points. there seems to be a growing leeriness among some in
cohen, is personally responsible for this. cohen said he was present at the beginning of the call and turned it over to his president and said we take these matters seriously and i'm confident that i acted appropriately. nonetheless, you guys, this is definitely a difficult chapter for them because you have a situation in which cohen has been implicated in the events with former trader mathew martoma because he partook in discussions but now the firm they founded in 1992 may be charged on a...
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Nov 13, 2012
11/12
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three ring circus, mission impossible the cohen brothers. the extramarital affair/political drama that enveloped former cia director david petraeus gets more extraordinary by the minute. this morning washington woke up to the news that the top commander of u.s. and nato forces in afghanistan, general john allen, has also been investigated by the fbi after having exchange, according to a senior defense official, possibly thousands of potentially inappropriate e-mails with jill kelley, the 37-year-old social liaison at the heart of the scandal that led to general petraeus' resignation. house homeland security committee chair peter king had another term to describe the unfolding drama. >> it's really a great tragedy. general petraeus, one of our most distinguished generals and general allen, considered a super star in the military, did an outstanding job in afghanistan, was going to go to
three ring circus, mission impossible the cohen brothers. the extramarital affair/political drama that enveloped former cia director david petraeus gets more extraordinary by the minute. this morning washington woke up to the news that the top commander of u.s. and nato forces in afghanistan, general john allen, has also been investigated by the fbi after having exchange, according to a senior defense official, possibly thousands of potentially inappropriate e-mails with jill kelley, the...
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Nov 10, 2012
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meredith vieira and her husband richard cohen, james spader, and christina perri. monday night lea michele and toby keith. but "jimmy fallon" is happening right now. jimmy! [ cheers and applause ] ♪ >> steve: from studio 6b in rockefeller center, the national broadcasting company presents -- tonight's guests are -- and featuring the legendary roots crew. and here he is -- jimmy fallon! [ cheers and applause ] captions paid for by nbc-universal television -- captions by vitac -- www.vitac.com ♪ [ cheers and applause ]
meredith vieira and her husband richard cohen, james spader, and christina perri. monday night lea michele and toby keith. but "jimmy fallon" is happening right now. jimmy! [ cheers and applause ] ♪ >> steve: from studio 6b in rockefeller center, the national broadcasting company presents -- tonight's guests are -- and featuring the legendary roots crew. and here he is -- jimmy fallon! [ cheers and applause ] captions paid for by nbc-universal television -- captions by vitac...
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Nov 10, 2012
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i want to thank my guests, meredith vieira and her husband richard cohen, james spader, and christina perri. monday night lea michele and toby keith. but "jimmy fallon" is happening right now. jimmy! [ cheers and applause ] ♪ >> steve: from studio 6b in rockefeller center, the national broadcasting company presents -- tonight's guests are -- and featuring the legendary roots crew. and here he is -- jimmy fallon! [ cheers and applause ] captions paid for by nbc-universal television -- captions by vitac -- www.vitac.com ♪ [ cheers and applause ] >> jimmy: oh, wow. that's the love. thank you out here. thank you very, very much. welcome, everybody. welcome to "late night." [ cheers and applause ] it's gonna be a big show tonight. new york city is the place where -- here's what people are talking about, you guys. there's a video going around of president obama getting choked up and crying while he thanks his campaign staff after the election. yeah. [ audience aws ] when mitt romney saw the video, he was, like -- [ as romney ] >> "what is that clear liquid coming out of his eyes?" [ lau
i want to thank my guests, meredith vieira and her husband richard cohen, james spader, and christina perri. monday night lea michele and toby keith. but "jimmy fallon" is happening right now. jimmy! [ cheers and applause ] ♪ >> steve: from studio 6b in rockefeller center, the national broadcasting company presents -- tonight's guests are -- and featuring the legendary roots crew. and here he is -- jimmy fallon! [ cheers and applause ] captions paid for by nbc-universal...